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25.05.2018 Business & Finance

Let's Take Advantage Of The Oil Revenue--Techiman Municipality

By GNA
Let's Take Advantage Of The Oil Revenue--Techiman Municipality
25.05.2018 LISTEN

Members of the Techiman Municipal Assembly in the Brong Ahafo Region have made various suggestions to how the Country's oil revenue, including the Ghana Heritage Fund(GHF), should be used.

While some community members think that the all oil revenue should be utilised in the immediate to solve the pressing needs of the country, others held that the country should uphold the provision in the Petroleum Revenue Management Act (PRMA) 2011, Act 815 and its Amendment in 2015, Act 893.

The people expressed concerns on the usage of the oil revenue when the Public Interest Accountability Committee (PIAC) - the body tasked to educate and inform citizen on the oil revenue management - extended its outreach to the Municipality and the Institute of Financial and Economic Journalist and sponsored by the German Development Corporation (GIZ) under the Good Governance project.

The PRMA, 2011, Act 815 established the Ghana Petroleum Fund with the Bank of Ghana in section (2) to hold all oil revenues and in sections 9 and 10 established the Ghana Stabilisation Fund and the Ghana Heritage Fund.

Section 10(2) a. stated that 'The object of the Ghana Heritage is to provide an endowment to support future generations when the petroleum reserves have been depleted.'

Mr Issah Tekyi, a representative of the Ahmaddiyya Educational Unit, speaking at the forum suggested that the heritage fund should be used now, as children are being born every now and then.

This he said would mitigate mismanagement.
Mr Tekyi said: 'I think the suggestion by Mr Yaw Osafo Marfo that the Heritage Fund should be used to fund the free S.H.S is very laudable and I want to know whether the amendment is ongoing or not?'

Mr Issah Adams, an Assembly man for Kenten area, said in other jurisdictions like Uganda, oil revenue had been used for affordable housing project, sold for citizenry and revenues generated from them constantly and suggested that the same should be replicated in the country.

But Dr Thomas Kojo Stephens, a representative of the Ghana Bar Association on the PIAC Committee, in a presentation explained that the law was clear on the usage of the GHF, adding that 'In the future we can use the interest accruing on the money.'

Meanwhile, Mr Jacob Afful, the Headmaster of the Techiman Senior High School, suggested that even if it becomes necessary to use the GHF, it could be used to undertake projects that would have the capacity to generate more revenue back into the fund.

He said, before the discovery of oil in commercial quantities, the country had used proceeds from cocoa and other cash crops for development, adding that the country should consider using oil revenue to develop the cash crops for sustainability even after the oil had depleted.

He indicated that if there was any possible amendment, 'let us do it now to ensure that as the oil revenue is coming in now, it can be used to massively develop the cashew, cocoa and other cash crops', adding that this would help to generate enough revenue before considering the use of the heritage fund in the immediate.

Ms Christina Owusu, community member, wanted to know why a road indicated by the PIAC report to have been executed in 2011 remained unconstructed.

Mr Paul Adjei, a member of the Ghana National Association of Teachers, suggested that the oil revenue should be used to undertake very few projects and should be focused on a sector to ensure that the impact is easily realised by all.

Mr Kofi Dickson, Chairman of Techiman Civic Union, suggested that every District should be served with letters of contract agreement on projects funded by oil revenue to keep the community informed which will aid accountability at the community level.

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